INNOVATE Corp. reports Q3 EPS ($1.18) vs. (93c) last year

Reports Q3 revenue $242.2M , consensus $248.1M.”INNOVATE continued its momentum in the third quarter, delivering solid third quarter financial results while achieving key milestones across our business segments,” said Avie Glazer, Chairman of INNOVATE. “Despite lower-than-expected sales at the Infrastructure segment, DBMG experienced a strong booking quarter, indicating they are well positioned to execute given the current market backdrop. At Life Sciences, R2 once again achieved record high Glacial system unit sales in North America in the third quarter, a 247% increase in units sold over the same period last year, while MediBeacon remains focused on working with the U.S. Food and Drug Administration as they conduct their substantive review of the kidney monitoring system. At Spectrum, we continue to see significant growth in both sales and profitability during the third quarter, as well as year-to-date.” “The performance within our three operating segments drove our third quarter financial results,” said Paul Voigt, INNOVATE’s Interim CEO. “At DBM, while sales were lower in the quarter due to project timing, the Company delivered strong margin performance and a strong bookings performance. At Pansend, R2 unit sales in North America maintained their strong momentum, achieving significant growth again this quarter. Broadcasting continues to expand its platform by adding new networks, which drove top and bottom line results in that business.”